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BUSINESS NEWS
September 07, 2012 12:00:00 AM
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The South Pacific Stock Exchange (SPSE) today witnessed the largest transaction in its history with consideration of $108,636,250 being traded.

The trade was executed in Fosters Group Pacific Limited (FGP) after Coca Cola Amatil (Fiji) Limited acquired 89.59 per cent shareholding in the listed company from Fosters Australia Limited (FAL).

The transaction was effected through a special crossing trade at a price of $11.65 with 9,325,000 shares exchanging hands.

SPSE chief executive Jinita Prasad said “the Exchange has witnessed fairly large corporate actions being carried out in the market but this transaction is by far the most substantial single trade that has been executed since inception.”

She also highlighted that witnessing a corporate action of such a magnitude being facilitated on our local stock market reiterates the fact that we continue to develop and are well positioned to be a key player in the financial market.

SPSE Rules and the Reserve Bank of Fiji (RBF) regulations ensured that the deal was executed in a transparent manner and interest of minority shareholders was given paramount importance.

This trade has supplemented the overall trading activity for 2012 with year to date trade volume and value at the end of this morning’s trading session now standing at 16,433,221 and $117,157,021 respectively.

Since this trade has been effected as a special crossing transaction, the last trade price for FGP remains unchanged at $13.14.

By Ropate Valemei


 

Kapoor & Sons


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